NuScale says it has implemented a series of strategic initiatives “to better align resources with the Company’s primary objective of transitioning towards commercialisation and revenue-producing commercial contracts”. These actions further long-term financial stability by generating $50 to $60m in annualised savings, starting in the second quarter of 2024.

NuScale said it had improved its cash position, ending the first quarter with cash and equivalents of $137.1m ($5.1m of which is restricted), and no debt, compared with year-end 2023 when the Company had cash and equivalents of $125.4m ($5.1m of which was restricted), and no debt.

NuScale reported revenue of $1.4m and net loss of $48.1m for the three-month period ended 31 March, compared with revenue of $5.5m and a net loss of $35.6m for the same period in 2023. Higher net loss reported in the period “was driven by a one-time $3.2m charge associated with continuing our transition from an R&D-based company to commercial operations, and a $9.0m non-cash adjustment to the fair value of our warrants due to an increase in the Company’s share price”.

“The criticality of NuScale’s near-term deployable SMR (small modular reactor) technology has never been greater than amidst today’s rapidly expanding power demand landscape,” said NuScale President & CEO John Hopkins. “Both government and private sectors are struggling with the balance of achieving carbon reduction pledges amidst unprecedented growth in energy usage driven by the emergence of hyperscale data centres, artificial intelligence networks, and the industries supporting them.”

He added: “The world understands that nuclear power is the only option for 24/7-reliable, carbon-free baseload energy. As the sole SMR technology with US NRC design approval and with modules currently in production, NuScale technology is optimally positioned to support prospective customers’ needs for reliable, decarbonised energy.”

The NuScale SMR is a 77 MWe (250 MWt) pressurised water reactor (PWR) designed to be deployed as a series of modules that can be scaled to meet specific demand up to 924 MWe. VOYGR SMR plants will feature four six or up to 12 power modules. NuScale says its SMR projects are already being considered in more than 10 countries. However, the first project, which was expected to begin operation in 2029 in partnership with Utah Associated Municipal Power Systems (UAMPS) at the US Department of Energy’s (DOE’s) Idaho National Laboratory (INL) as part of the Carbon Free Power Project (CFPP) was cancelled.

“Despite significant efforts by both parties to advance the CFPP, it appears unlikely that the project will have enough subscription to continue toward deployment,” a joint statement said at the time. NuScale had already placed an order for the production of pressure vessel components or the project and South Korea’s Doosan Enerbility had begun producing forgings for the plant. Other projects are planned in Poland and Romania.

NuScale said “manufacture of NuScale Power Modules advances as Doosan Enerbility, a strategic partner, NuScale investor, and leading global foundry progresses forgings of long lead materials, continues manufacturing, and invests in capacity-enhancing production technology. Planning continues between Fluor and RoPower [Romania] for the RoPower project’s Phase 2 Front-End Engineering and Design (FEED) work while commercial and government stakeholders work to finalise terms.